An Ethereum trader is holding an unrealized profit of over $58 million after shorting ETH at $3,220 with 50x leverage. While investors and buyers are waiting for an eth bottom short sellers are already making profits.
ETH recently dropped to $2,337, its lowest level since September 2024, and is now around $2,453.70. This decline has increased the whale’s short position in value, allowing them to profit from the overall crypto market downturn.
Large liquidations have taken place, with Coinglass data showing over $1 billion in crypto liquidations as Bitcoin and altcoins plunged.
On-chain data from Lookonchain confirms the trader’s $58 million profit, including funding fees, as Ethereum’s price continues to decline.
On Feb. 3, Lookonchain reported another Ethereum trader who has over $30 million in profit from a 50x leveraged short position. As ETH’s price dropped, their position moved into an unrealized gain, similar to the recent whale shorting ETH at $3,220.
On-chain data also reveals major movements of ETH. 50,000 ETH was transferred to Kraken, possibly adding to the selling pressure. Additionally, BlackRock moved 18,168 ETH (over $44 million) to Coinbase, along with 1,800 BTC (about $160 million).
Meanwhile, a Bitcoin trader suffered an $8.8 million loss after going long at $101,663, only for BTC to drop below $90,000.
These events highlight the risks and rewards of leveraged trading, with some traders making massive gains while others face heavy losses.
Also Read: Ethereum Whale “7 Siblings” Buys $28.75M ETH Amid Market Crash
